Published by Insider Media
FOOD GROUP GROWS EBITDA DESPITE 'TOUGH CONDITIONS'
William Jackson Food Group has reported growth in EBITDA profit in its latest results despite "tough conditions" as a result of the pandemic, which affected turnover.
The company was founded in Hull in 1851 and comprises of a portfolio of food businesses including Abel & Cole, Jackson's Bakery and Belazu.
Recently filed accounts for William Jackson Foods Ltd show EBITDA (before exceptional items) of £1.5m for the year ending 24 April 2021, compared to £200,000 in 2020.
A pre-tax loss of £31.8m was recorded, up from £18.4m, while turnover reduced to £226.3m from £251.5m the year before.
In their report accompany the accounts, the directors said the 2020/21 results had continued to be impacted by the Covid-19 pandemic, with ingredients and food service sales down 47 per cent year-on-year.
This was somewhat mitigated by Abel & Cole, the group's direct to-consumer business, where sales were up 72 per cent, as well as an increase in its Belazu retail channel due to additional listings and the launch of new products.
The Government's Job Retention Scheme enabled it to retain the vast majority of jobs in preparation of the food service businesses, however, the group was forced to reduce its workforce by about 7 per cent in October 2020.
In July 2020, William Jackson Food Group sold The Food Doctor brand to Euro Food Brands.
The directors added that sales in 2021/22 were returning to pre-Covid levels, supported by its new Co-op business coming online at the Bakery, a strong recovery in food service and direct-to-consumer sales remaining elevated.
In his statement accompanying the results, chairman Nicholas Oughtred said: "When we entered the pandemic, we were in recovery mode following the sale of Aunt Bessie's and MyFresh Wigan, and the acquisition of two new businesses which have taken time to bed in.
"Understandably, with restaurants closed for much of the year and food-to-go suffering as a result of people staying at home, we haven't made a profit this year, despite an absolutely sterling effort from our Abel & Cole colleagues who almost doubled their sales in the year. We did however exit the year in a much better position than we anticipated after strictly controlling our cash and were able to hit the ground running when our new financial year began in April 2021.
"Despite the tough conditions faced by the group, there has been much to celebrate in the year. This included a greater degree of collaboration between our businesses, helping each other through difficult times and finding solutions to serve our customers better and drive efficiencies.
"The challenging trading conditions have not prevented our businesses innovating and coming up with new ways to serve their customers, whether with a new service completely like our direct-to-consumer business Wellocks At Home, or tasty new products to give people something new to try in lockdown – our Belazu ketchups and snacking nuts are perfect examples."